An individual tax return is a form the individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes. The disclosure of pertinent information assists in assessing the tax due.
The Internal Revenue Service is the taxing authority in the U.S. The United States has a voluntary reporting system that permits the electronic or hard-copy filing of individual tax returns. Countries around the world have taxing agencies who oversee tax collection. Some tax agencies provide individual taxpayers with pre-filled individual tax returns, while others require the taxpayer fill and file the returns on their own. Also, some countries permit electronic filing of online returns, while others insist on a documentary, hard-copy submission.
Individual taxpayers complete Form 1040 and Form 1040 SR. Once complete, the taxpayer will submit the form by the day which falls on or near April 15th of each year. The selection of the individual tax return form to complete depends on the individual’s filing status, their income, the deduction they wish to claim, and any credits that are due to their specific situation.1 There is also Form 4868 if extensions are necessary.
Every U.S. state, even those without a state income tax, has a state taxing authority. This agency oversees the annual collection of state tax. Taxpayers file individual state tax returns unique to the state. Most state tax returns assess and calculate tax concerning line items from the federal tax return.
Other Forms to Report Individual Taxes
Individual tax return for submitting income tax is not the only form that a taxpayer may need to complete. An example is the gift tax where the taxpayer must file IRS Form 709 and pay the gift tax owed. Some individuals are required to estimate their annual tax and pay it by the quarter, or every 3-months on Form 1040ES. Payment of estimated tax is returned with Form 1040V to the regional IRS office which serves their state. We all make mistakes sometimes. If a taxpayer needs to amend their individual tax return, they will use Form 1040X.
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